Title of Account
Account No.
Terms & Conditions
for account opening
& operations
(product and services)
Page 01
A. General
1. These Terms and Conditions are for an Account opened by an Account Holder with National Bank of Pakistan (The Bank) and for Services
provided to the Account Holder by the Bank. The term ACCOUNT means "a Banking relationship" as per relevant provisions applicable
on the National Bank of Pakistan & shall include any Rupee or Foreign Currency Account (s) opened and maintained by an Account Holder
with the Bank. The term ACCOUNT HOLDER means a person, a
club or
society etc. who or which maintain one or more Account with the Bank.
The term BANK means all or any branches of NBP Aitemaad. The terms
"Bank" and "Account Holder" shall include their respective successor-in-
interest and legal assigns. The term "SCHEDULE OF BANK CHARGES" means the document which includes the prescribed fees,
commission and charges applicable to, the Account and which
o
at all the branches of the Bank. The term "SERVICES" means any service(s) that the Bank may provide from time to time in connection
with or related to the Account. The term STATEMENT OF ACCOUNT means the periodic Statement of Account sent by the Bank to the
Account Holder setting out details of transactions carried out and balances in the Account during the related period.
2. The relationship between the Bank and the Account Holder shall be governed by laws of Pakistan, any rules and regulations, circulars,
1.
these Terms
and Conditions. The Account Holder agrees to be bound by the Terms and Conditions set out below and all laws & regulations
applicable in Pakistan.
A. G
B.
Type of account
Policy of Prot and Loss Distribution of the Bank shall be applicable for all categories of accounts:
Non-Remunerative Account
a. Non-Remunerative Account can be opened in Pakistani Rupee (PKR), USD, GBP, EURO, Japanese Yen and other dierent currencies
may be oered from time to time at the discretion of the bank’s management provided the same comply with the Prudential
Regulations/ directives / circulars / notications issued by the regulatory authority.
b. Foreign currency accounts are opened and maintained subject to Foreign Exchange Regulations and directives of the Govern-
ment of Pakistan, or any of its organization / agencies and State Bank of Pakistan from time to time.
c. Non-Remunerative Account may be based on Qardh whereby the Bank guarantees return of the principal.
time at its sole discretion. The Schedule of Bank Charges is available
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2.
d. The accountholder agrees hereby to the unfettered use of the deposited funds by the Bank at the Bank’s discretion,
and the depositor will not claim any return in any form whatsoever.
e. No prot is paid on Non-Remunerative Accounts whether in respect of PKR or foreign currency.
f. Account holders may withdraw part or all of their balances at any time they so desire.
g. All applicable government taxes and levies shall be recovered as per laws and related directives/circulars.
h. All directives/circulars/guidelines/manuals by the regulatory authority will be applicable.
Remunerative Account
a. All Remunerative Accounts/ Certicates are accepted on the basis of Mudharabah. Mudharabah is a partnership in prot
whereby one party provides capital (Rabb-ul-Maal) and other party manages the funds (Mudharib) where prot is shared
as per agreed prot sharing ratio and loss (if any) will only be borne by the capital provider.
b. Remunerative Account/ Term Deposit Certicate can be opened in Pakistani Rupee (PKR), USD, GBP, EURO, JPY and other
dierent currencies may be oered from time to time at the discretion of the Bank’s management provided the same
comply with the Prudential Regulations/ directives/ circulars/ notications issued by the regulatory authority.
c. Foreign currency accounts are opened and maintained subject to Foreign Exchange Regulations and directives of the
Government of Pakistan, or any of its organization / agencies and State Bank of Pakistan from time to time.
d. The deposit will be invested in a Mudharabah pool with other account holders’ funds. The Bank may invest its own funds
in the pool at its sole discretion. As a result of joint funds used to create a pool; the relationship, between the account
holders shall that be of Shareek, as Shirkat-ul-Aqd.
e. Due to comingling of Bank’s equity with depositors’ funds in a Mudharabah pool, the Net Income/loss of pool shall be
allocated between Bank’s equity and the depositors’ fund in proportion to their respective share in pool.
f. The Depositors will not participate in management or in decision-making concerning investment of funds.
g. All deposits shall be invested by the Bank strictly in accordance with principles of Shariah as pronounced by Shariah
Board.
h. The participation of the invested amounts in the Mudharabah pool shall start from the Business Day the deposit is
realized.
i. The account holder shall be liable to reimburse from the distributed prot to the Bank its share of any loss that the Bank
may incur in relation to the Mudharabah pool.
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j. Prot will be calculated based on average daily balance (daily product)
k. The method of calculating the prots under the Mudharabah scheme shall be governed by the Bank’s rules in compliance
with the precepts of Shariah and in the event of any change in government regulation such method is subject to change
without prior notice. Notice of the change will be posted at NBP Aitemaad Branches and Website.
l. Weightages of all categories shall be announced at least three working days before the beginning of each calendar month
along with Mudharib Share as per approved prot and loss distribution policy of the Bank which will be available on branch
notice board and website.
m. The depositors are allowed to withdraw their investment without any deduction / forfeiture of prots / penalties etc. Incase
there is a downward revision in the Rabbul-Maal share from agreed ratio.
n. Prot Equalization Reserve (PER) shall be applicable as per approved prot and loss distribution policy of the Bank.
o. Investment Risk Reserve (IRR) shall be applicable as per approved prot and loss distribution policy of the Bank.
p. The prot or loss shall be declared by the Bank as stipulated herein and the Bank’s decision is nal and binding on the
account holders.
q. Premature encashment of Term Deposit Certicates shall be applied as per approved prot and loss distribution policy of
the Bank. Whereas, withdrawal of funds from remunerative accounts at any time will be deemed as sale of investment
share of Mudharabah pool by the account holder.
r. In case a deposit matures on a public or Bank holiday, then the Bank shall pay the deposit and / or the return / prot or
adjust the loss, if any, there on the next working day when the Bank is open for ordinary banking business.
s. In the event of loss, the account holders and the Bank will bear the same proportionate to their respective investments
provided there is no negligence on the part of the Bank. In case of loss due to the Bank’s negligence, total loss shall be
borne by the Bank.
t. All applicable government taxes and levies shall be recovered as per laws and related directives/circulars.
u. Account holders may withdraw part or all of their balances at any time they so desire.
v. All directives/circulars/guidelines/manuals by the regulatory authority will be applicable.
C. Opening an Account
1. The Account shall be subject to the applicable laws of the Islamic Republic of Pakistan and the prevailing rules, regulations and directives
of the State Bank of Pakistan, as may be revised, from time to time.
having balance in excess of the exempted limit as declared for that particular Zakat year. It is the responsibility of the Account Holder
that declaration on prescribed Performa (CZ-50) for exemption of zakat deduction is duly registered & recorded with the Bank at least
one month prior to the zakat deduction date or as per applicable rules.
under,
as prescribed by Bank.
The Bank reserves its right to refuse to open an Account if the requirements laid out in the Prudential Regulations, other instructions issued
by SBP from time to time and Bank’s own policies are not met.
In the event, at any time, an Account is opened with incomplete/invalid documents or information, the Bank may, at its sole discretion,
restrict the operation of such Account till such time that all the required information and/or documentation is provided to the Bank.
5. Every Account shall be allotted a distinctive number, i.e. account number which is to be quoted in all correspondence with the Bank
relating to the Account. Bank also reserves the right to change the allotted account numbers due to system migrations, etc.
6. Not more than one account of each category i.e. Current, PLS Saving, etc may be opened in any one name in one and the same branch
except joint account with any other individual(s) and account in the name of minor children in the capacity of Guardian.
7. The Bank shall endeavor to preserve the secrecy
of the Account Holder, however, the Account Holder acknowledges that the Bank is
subject to the anti-money laundering laws and regulations of Pakistan implemented and enforced by State Bank of Pakistan (SBP) from
time to time and the internal policy of the Bank. The Account Holder agrees to provide any information requested by the Bank for the
purpose of complying with any such laws, regulations and policy in respect of the Account and/or any transaction(s) carried out through
the Account and / or any balances in the account and / or any banking services availed from the Bank. Further, the Account Holder authorizes
the Bank to release such information to any authorized investigating government department/agency in Pakistan as may be required
under any applicable law.
4. If Identity document (CNIC, NICOP e.t.c) of the applicant(s) or any other relevant document is found "defective or fake" by NADRA Verisys
3. The Account Holder undertakes to provide all information and documents related to the Account and/or any other transactions
with the Bank as and when required by the Bank.
Page 04
w.
8. In terms of instructions contained in para 21 of State Bank of Pakistan's Revised Anti Money Laundering, Government Accounts are not
the concerned administrative department duly endorsed by the Ministry of Finance or Finance Department of the concerned Provincial
or Local Government.
contain the following mandatory information:
be addressed to the Manager of the concerned NBP Aitemaad branch.
also mentioning the purpose of opening the account.
Aitemaad
NBP Aitemaad
beneath his/her signatures.
The account holder agrees to provide true, accurate and complete information regarding FATCA. Subject to applicable local laws, Account
the Bank") to share
his/her information with domestic or overseas regulators or tax authorities where necessary/applicable to establish his/her tax liability in any
jurisdiction. Where required by domestic or overseas regulators or tax authorities, Account holder consents and agrees that the Bank may
withhold from his/her account(s) such amounts as may be required according to applicable laws, regulations and directives. Account holder
9. Foreign Account Tax Compliance Act (FATCA)
a. Individual
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NBP Aitemaad
NBP Aitemaad
also agrees and undertakes to notify the Bank within 30 calendar days if there is a change in any information which he/she has provided to
the Bank.
b. Entity
D. Deposits
1. The Bank may accept cheques, drafts and other instruments payable or endorsed to the Account Holder for collection entirely at the
Account Holder’s own risk. Un-cleared instruments
though credited, shall not be drawn against, and if the same are allowed to be drawn
against, the Bank shall have the right to debit the Account and recover from the Account Holder the value of any such instrument in the
event that the proceeds are not received against the same at any time.
In case of del
un cleared
ay or loss in collection of cheques, the Bank will follow-up with the concerned for swift resolution.
2. Subject to the regulations of the State Bank
of Pakistan, the Bank may prescribe initial deposit requirement for opening of PLS Saving
Bank Accounts. No initial deposit would be required for opening of accounts by i) Mustahkeen of Zakat ii) Students iii) Employees of
Government or Semi Government institutions for salary and pension purpose (including widows/children of deceased employees
eligible for family pension/benevolent fund grant etc.) and other similar type of accounts.
The authorized persons/directors/chairman, on behalf of the Entity, understand that the FATCA information provided is being submit-
-
-
tors/chairman thereby consents for the Bank to share Entity's required information with regulators or tax authorities, including relevant
authorities as required under FATCA, where necessary/applicable to establish entity's tax liability in such jurisdiction(s) where required
by regulators or tax authorities. The authorized persons/directors/chairman consent and agrees that, if applicable, the Bank may
withhold from the account of the Entity such amounts as may be required according to applicable laws, regulations and directives. The
authorized persons/directors/chairman also agree and undertake to notify the Bank within 30 calendar days if there is a change in any
information of the Entity, which has been provided to the Bank.
3. All deposits in the Account should be accompanied by complete pay-in-slip clearly showing the title, number of the Account to be
under the stamp of the Bank on the customer copy of the pay in slip. The Account Holder should satisfy himself before leaving the
Page 06
only error free Pay in slips without any overwriting/cutting therein.
5. Every payment received for an Account in a currency other than that of such Account, will be converted by the Bank into the currency
of such Account at the Bank's prevailing rate of exchange, before the same is credited to such Account.
6. Call deposits, notice deposits and term deposits, being non-negotiable, are not transferable by endorsement or otherwise.
7. All cheques and other instruments should be crossed before they are deposited for crediting in the account.
8. In receiving cheques or other instruments for collection in the Account, the Bank acts only as collecting agent of the Customer and assumes
no responsibility for the realization of such cheques/instruments.
9. The Bank may refuse to accept cheques/instruments drawn in favor of a third party crossed “Account Payee” or “Non-negotiable” or any
other crossing restricting negotiation. Uncleared cheques/instruments, though credited, shall not be drawn against by the Customer.
10. Without prior notice to Account holder/depositor, the Bank reserves the right to debit the Account for any cheque/instrument, if previously
credited, in the event the proceeds thereof are not received by the Bank or even if proceeds have received, the drawee Bank /correspon dent
Bank subsequently claims the same from the Bank and returns the cheque/instrument unpaid for any reason.
Customer do so for the account and at the sole risk of the Customer. The Bank assumes no liability or responsibility should the instruction
it transmits is not carried out by such bank(s) for any reason whatsoever, even if the Bank has itself chosen such bank(s).
12. The Bank shall not be responsible for the delay and/or loss in transit of any cheque/instrument, nor for any act, omission, neglect, loss of
13. The Bank shall have the right to reverse or recover any amounts transferred through erroneous transactions in any of the accounts, from
such accounts, without prior notice/intimation to the Customer. The Customer shall be liable to make good any loss accrued to the Bank
through withdrawal of amounts erroneously credited to their accounts.
1. The Bank shall accept Foreign Currency cash deposits in US Dollars, Pound Sterling, Japanese Yen and Euro and/or such other currency
that the State Bank of Pakistan may allow. A deposit in foreign currency accepted by the Bank is subject to regulations of the State Bank of
Pakistan in force from time to time.
E. Foreign Currency Deposits
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Non-negotiable
Account Payee
Negotiation
2. Proceeds of foreign currency cheque(s) deposited in the account, will be available for withdrawal from the Account only after the
proceeds of the cheque(s) have been fully realized.
In case the amount of cheques/instruments already realized and credited to the customer account is called back by the drawee Bank
due to any reason, the same shall be debited to the customer account for refund to the drawee Bank. Further, the customer will have to
refund the said amount alongwith charges, if any, if the proceeds withdrawn by him / her.
the Account. The Bank shall have no responsibility for any diminution due to taxes or depreciation in the value of funds in the account
Each
The Account Holder acknowledges that the rate of return on a FCY Saving Account / Term Deposit Certicate is subject to uctuation, as
Foreign Currency transaction will be entered into by the Account Holder with full awareness that Foreign Currency transactions
could involve foreign exchange risks for which the Bank shall not be held responsible.
The F.EX rules and regulations, as and when promulgated by SBP, regarding the operations in foreign currency accounts shall be binding
on all the concerned account holders.
F. Withdrawals
1. Withdrawals from the Account shall be made only in the currency of the Account by cheques or at the request of Account Holder in
writing or by ATM.
2. Cheque(s) and other payment instructions should be signed as per specimen signature(s) provided to the Bank and any alterations,
erasures or cancellations therein must be authenticated by the drawers full signature. While complying with any instructions of the
account holder/depositor, the Bank shall only rely on the signature as provided/inscribed by the account holder/depositor on the
Specimen Signa
ture Card at the time of opening of the Bank account.
at the counter of a branch of the Bank or through the clearing system for cheque(s).
4. Post-dated/stale and defective cheques shall not be paid.
5. The Bank reserves the right to refuse payment of any cheque drawn in contravention to the practice and law of banking or otherwise than
in accordance with these Terms and Conditions.
6. The Customer shall ensure safe keeping of the cheque book and shall not allow access to the cheque book to any unauthorized person. In
case of loss or theft of the cheque book or any cheque leaf, the customer shall promptly notify the numbers of such lost cheques to the
concerned branch so that no payment is released against them. The Bank will not be liable for any loss or damage, if reported after the
payment of such lost/misused cheques
7. The Bank shall have the right to destroy personalized cheque books not collect
ed by the Account Holder or her/his/their authorized
representative, within two months of the request having been made by the account holder for the cheque book. The charges of the cheque
book issuance shall be debited to the concerned account.
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G. Minor Account(s)
In respect of an account opened in the name of a minor, the Bank shall be entitled to act upon the instructions received from the guardian
named in the Account Opening Form, irrespective of whether the minor account holder continues to be a minor or not unless the Bank
receives written instructions from the guardian or a notice to the contrary from an appropriate authority
H. Joint Account(s)
1. If the Account is opened in the names of two or more persons, the balance to the credit thereof at anytime shall belong to the Account Holders
jointly. Such Account Holders shall be jointly and severally liable for all liabilities incurred on the Account against the services availed.
2. In case of a joint account to be operated by any of the account holders singly, the Bank may continue to allow operations of the account
even on occurrence of death of a joint account holder, if the information of his death is not received by the Bank by NOTICE duly served to the Bank.
3. If prior to acting on instructions received from one signatory where the Account is operated with single authority, the Bank receives contradic-
tory instructions from another signatory, the Bank will only act on the instructions of all the signatories jointly not withstanding that any
relevant existing mandate or instructions specify otherwise.
4. Separate CZ-50 is required to be submitted by each account holder in case they desire their account to be exempted from compulsory deduc-
tion of Zakat.
I. Charges and Expenses
1. The Account and services provided there against will be subject to applicable charges in accordance with Schedule of Bank charges as revised
from time to time.
2. The Bank shall always be entitled for debiting the account without notice to the account holder for Zakat deduction (if applicable),withhold-
ing tax, stamp duty, excise duty, other levies of government departments and service charges etc. as per schedule of Bank charges.
3. The Bank is authorized to reverse any credit entries made in error and in case of withdrawal of such credit amount by the Account Holder, the
8.
The Account Holder will keep cheque book provided by the Bank safely and securely at all times.
9.
The Bank is authorized to release the name of the Account Holder and the Account Number to printers for the purpose of cheque book printing.
10. Payments involving large amounts of cash (in all currencies) will be made subject to availability of cash at the branch of the bank or only after
the bank has made necessary arrangements for cash. The Bank may ask for reasonable time to make payments of such large amounts
11. The Bank may accept stop payment instruction from the Customer if a cheque is reported lost or stolen, provided the necessary details of the
lost/stolen cheque are given by the Customer to the Bank and the cheque is not already paid before receiving such instructions. Where the
any other
expeditious means. The Customer agrees to fully indemnify the Bank against any loss, damages, claims, demands, costs and expenses (includ-
ing legal expenses) arising or incurred as a result of acting on the Customer’s stop payment instruction.
Page 09
same shall be returned to the Bank forth with by the Account Holder The Bank is also entitled to reverse debit entries made in error.
4.
The Bank may debit the Account Holder’s Account for any processing charges from time to time set by the Bank on satisfaction of such
conditions as the Bank may from time to time specify.
5. All applicable Government taxes and levies shall be recovered from the customer as per laws and related directives/circulars etc in force for
the time being.
6. Moreover, the Bank shall also have a right to debit any one or more account(s) of the account holder(s)/customer(s) maintained with the
Bank to adjust any and all of the outstanding liabilities of
the account holder(s), customer(s) towards the Bank or any government authority,
if so required/directed, from time to time.
J. Statement of Account
1. A Statement of Account in respect of the Account will be provided and sent to Account Holder having a closing balance equal to or exceed-
ing Rs.10,000/- on six monthly basis within one month from the close of half-year, i.e., June 30 & December 31 by mail, at the Account
Holders last known address on record of the Bank.
A Statement of Account will be provided and sent to Account Holder having a closing balance below Rs.10,000/- once in a calendar year
within one month from the close of calendar year i.e. by 31st January.
In case an Account has become dormant as per the approved policy of the Bank, dispatch of statement of accounts will be stopped till
such time the Account is reactivated or a new address is made available/obtained by the Bank.
Bank will charge for each duplicate/additional Statement of Account as per instructions of State Bank of Pakistan.
2. The Account Holder may notify any discrepancy in Statement of Account within 45 days from the date of issue, after which the Bank
consequent upon such error/adjustments.
es etc.,
3. The Account Holder must notify the Bank immediately in writing if any periodic statement is not received by the Account Holder within
a reasonable time. In case the Account Holder requests the Bank for Issuance of a Statement of Account via electronic mail, the same will
be provided at the e-mail address provided at the entire risk and responsibility of the Account Holder and the Bank shall not be held
liable or responsible in any way for any loss or damage resulting to the Account Holder on account of any delay, inaccurate transmission,
incorrect transmission or error. The Bank may at its discretion impose additional conditions before accepting requests for electronic mail
of a Statement of Account.
Page 10
4. Bank may correct erroneous and incorrect posting of entries and inform the account holder subsequently.
5. Apart from mandatory provision of statement of account (SOA), SOA may be provided by the Bank, subject to charges, as applicable
under its schedule of Bank Charges, upon receipt of written request by the customer/account holder only.
K. Death of an Account Holder
In the event of death of an account holder the credit balance, in any account, in the name of an individual will be payable to the legal
documents as required by the law and if the account is in the name of two or more persons operated jointly, the credit balance will be
ip
payable to the legal heirs (as adjudged by the due process of law) of the deceased account holders along with the remaining account
holder(s).
In case of operating instruction “Either or Survivor” in the event of the death of either of account holder(s), the credit balance in the
account will be payable to the surviving account holder(s).
L. Dormancy, Suspension and Closing of Account
1. The Account Holder may close any Account by giving written notice to the Bank. The Bank may however, at the instance of any Court or
competent authority of the government may freeze or suspend (dealings) on the Account without prior notice to the Account Holder
and without being liable for any breach of any duty it may owe to the Account Holder.
2. I
SBP
n case of death or bankruptcy, the Bank
will stop all debit transactions except as allowed by SBP in the account immediately, after the
3. In case customer does not operate his account for 1 year the Bank will mark the account as Dormant/Inoperative under one month prior
notice to the account holder and no debit transaction through cheque/Debit ATM Card will be allowed, unless account holder has
approached the Bank for restoration of its operations/reactivation of account.
4. No service Charges will be recovered on current account with status Dormant/Inoperative.
5. The bank will activate dormant/inoperative account upon approaching of the account holder, a written request for activation, a copy of
valid CNIC/SNIC of the account holder(s) should be provided to the bank.
6. In case Either or survivor account, account can be activated on the written request of any one of them, subject to the condition that
Page 11
8.
On closure of an account, any unused cheque(s)
ed by the
relating to the account and locker
key will be
returned forthwith by the
Account holder to the
9. The Bank in its sole discretion may also close those accounts which show Nil balance for last six months or any account which in its
opinion is not satisfactorily operated, or for any other reason whatsoever, it shall not be incumbent on the Bank to disclose to the
account holder/depositor the reason for doing so.
EXEMPTION OF DORMANT/INOPERATIVE ACCOUNT FOR PAK ARMY JCO’s/SOLIDERS ACCOUNT
1. One time relaxation to activate existing dormant/inoperative account of JCOs/Soldiers on the basis of formal request from the
their CNIC or download/retain on record Verisys copy from NADRA if copy of CNIC is already not available.
2. JCOs
/Soldiers.
1. As per prevailing banking laws in Pakistan an account will become un-claimed if no transaction is made by the account holder in that
account and no statement of account is requested or acknowledged by the account holder for a period of Ten (10) years except for a
deposit in minor account or Government Account or a deposit by a Court of law.
2. In case of an account becoming un-claimed, the Bank will serve a notice as per directives of SBP in writing to the account holder at his
1.
last known address in Bank's record for activating his account. Subsequent to the notice, in case of no response from the account
holder/no operation in the account, the Bank, in terms of section 31 of Banking Companies Ordinance-1962 will surrender the Credit
balance in the account to the State Bank of Pakistan as an "unclaimed deposit".
3. The cus
Prot and loss will be distributed on monthly or as per product description. In case of closing of an Account, Prot and Loss for any
broken period will be paid through Payment Order in favour of the Account Holder after the Bank declears the prot rates. In case of
premature encashment of term deposit, the prot will be paid through Payment Order in favour of the Account Holder after the Bank
declares the Prot rates.
tomer however may approach the bank for refund of unclaimed deposits surrendered to SBP.
N. Return on Account(s)
M. Unclaimed Deposits
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to time, to determine the priority of such Standing Order(s) against cheques presented for collection to the Bank, or any other existing
om time
arrangement made with the Bank.
such Standing Orders so passed shall be treated as null and void.
time,
Account Holder, until notice of such death or bankruptcy is given to the Bank, in a manner acceptable to the Bank. Amendments to such
of the
Standing Order(s) as may be given to the Bank from time to time by the Account Holder must reach the Bank at least one week before the
next successive payment is due.
Holder to the Bank from time to time, as well as for each new Standing Order. The Bank may also levy as per schedule of Bank charges, a
Account
7. The Customer agrees to fully indemnify the Bank against any loss, damages, claims, demands, costs and expenses (including legal expens-
es) arising or incurred as a result of acting on the Customer’s standing orders.
6. The charges levied in respect of standing orders shall be additional to any cost, incidental postage and or stamp duty which may be paid
Page 13
O. Assignment/Transfer/Pledge
The Account Holder agerees not to assign, transfer or charge to any third party by way of security (other than NBP Aitemaad branch where
he maintains the account or any or any of NBP Aitemaad branches) the amounts deposited to the credit of the Account without the consent
of the Bank. The Bank shall not be bound by notice of any assignment or transfer or charge in favor of a third party by way of security as a
foresaid. However, an Aitemaad Term Deposit Certicate/Aitemaad Premium Munafa Certicate/other term deposit certicate may be\
pledged to a third party.
P. Hold Mail Instructions
1. The Bank may upon exercising an option by the Account Holder in AOF, provide a “Hold Mail” facility whereby the Bank shall retain for
periodic collection by the Account Holder or his / her / its duly authorized agent, all communications or Statements of Account relating to
the Account.
NBP AitemaadNBP Aitemaad
Page 14
2. The Bank will hold all mail, addressed to the Account Holder for a maximum period of three months and such mail will be deemed to have
been received by the Account Holder. The Bank is authorized to charge a fee as per schedule of Bank charges as revised from time to time
for this service. Any such fee charged by the Bank may be debited by the Bank from the Account. If the Account Holder fails to collect any
such mail within a period of three (3) months, the Bank is authorized to destroy the same at any time thereafter at the Account Holder’s sole
risk and responsibility and in doing so the Bank shall be discharged from all responsibility or liability in respect thereof.
3. It is acknowledged that the request for the Hold Mail service is being made entirely
for the account holder’s convenience and at his risk
and responsibility and without any obligation on part of the Bank. The account holder would assume full responsibility for any loss, adverse
ainst any
s any
ly being
dispatched to him/her
in the ordinary course of business or the Bank communicating with him in an emergency situation as perceived by
the Bank or for the purposes of serving or issuing any demand or notice to him by the Bank or otherwise to protect the interest of the Bank.
For due diligence purposes, the Bank may send any mail/communication at customer’s given address even if hold mail intimation instruc-
tions have been provided.
Q. Standing Order(s)/Instruction(s)
to the Bank by the Account Holder from time to time.
ybe given
to time, to determine the priority of such Standing Order(s) against cheques presented for collection to the Bank, or any other existing
om time
arrangement made with the Bank.
such Standing Orders so passed shall be treated as null and void.
time,
Page 15
R. Stop Payment Instructions
Should an Account Holder desire to stop payment of a cheque, complete instructions fully identifying the cheque, including without
prejudice to the generality of the foregoing information of: (i) the Cheque Number, (ii) Date, (iii) Payee’s Name, and (iv) Amount, should be
sent in writing to the Bank. Stop Payment instructions received other than in writing will not be binding on the Bank. The Account Holder
will complete any further documentation required by the Bank in connection with the stop payment instructions. The Bank may levy
service charges as per schedule of Bank charges for each stop payment request.
S. Transfer of Funds
2. The Bank shall comply with any requests of the account holder for transfer funds, subject to compliance with all laws & regulations of
the Government of Pakistan or the State Bank of Pakistan, as may be in force from time to time in respect of the transferability of funds.
1. The Bank shall follow any requests for transfer of funds as may be made by the Account Holder to the Bank from time to time only if
Account Holder, until notice of such death or bankruptcy is given to the Bank, in a manner acceptable to the Bank. Amendments to such
of the
Standing Order(s) as may be given to the Bank from time to time by the Account Holder must reach the Bank at least one week before the
next successive payment is due.
Holder to the Bank from time to time, as well as for each new Standing Order. The Bank may also levy as per schedule of Bank charges, a
Account
7. The Customer agrees to fully indemnify the Bank against any loss, damages, claims, demands, costs and expenses (including legal expens-
es) arising or incurred as a result of acting on the Customer’s standing orders.
6. The charges levied in respect of standing orders shall be additional to any cost, incidental postage and or stamp duty which may be paid
T. SMS Alert Facility
1. The Customer hereby subscribes to the SMS Alert Facility (“SMS Alert Facility”) of the Bank whereby the Customer shall receive short
messaging service alerts (“SMS Service”) on the Customer's Authorized Mobile Number in the form of customized messages. The
Customer shall not be able to undertake any transaction through the SMS Alert Facility. The SMS alerts shall only be sent to the mobile
.
2. The SMS alerts will be available to the Customer only if the Customer is within the cellular service range of the particular cellular service
provider of the Customer.
rt basis.
3. If the Customer suspects that there is an error in the information contained in the SMS alert sent to him, he/she shall inform the same
4. The Customer agrees that SMS Alert Facility provided to the Customer is an additional facility for his / her convenience and is susceptible
to delay, error, omission and/or inaccuracy. The Customer shall not held the Bank liable for any loss, damages etc. that may be incurred/-
5. The Bank shall not be liable for any unauthorized use/access to the information and or SMS alerts sent by the Bank to the Mobile Phone
Number of the Customer or for the fraudulent duplicate or erroneous use/misuse of such information by any third person.
under no obligation to send SMS alerts to the Customer. Furthermore, the Bank reserves the right to send the SMS alerts to only those
k is
8. The Customer acknowledges and accepts that the SMS Services being provided are dependent on the infrastructure, connectivity and
services being provided by the cellular service provider and that the timeliness and accuracy of the information sent by the Bank will
forma
tion nor for error, loss or distortion in the transmission of information to the Customer.
7. The Customer hereby authorizes the Bank to send promotional messages including the products of the Bank, greetings or any other
messages the Bank may choose to send from time to time. The Customer agrees, unconditionally and irrevocably that such messages/
calls made by the Bank or its agents will not be considered as a breach of privacy
9. The SMS Services being provided by the Bank in relation to mobile phone banking facility may be temporarily suspended at any time
for the purpose of carrying out repair and maintenance work in respect thereof, such suspension may also be carried out with respect
of any security procedure required to be followed by the Bank.
Page 16
to add certain facilities in addition to the services already provided. Conversely, the bank may in its absolute discretion decide to cancel
or remove any part of or the entire services being provided to the customer, at any time without prior notice in respect thereof.
f the Bank,
which may be revised from time to time and communicated through revised/latest SOC. Further, the Customer shall be liable for
payment of SMS Alert Facility in connection with receiving the Alerts. In the event that the Customer is required to make any payment
in connection with the use of services, the Bank shall have the right to debit the Customer's Account(s) with the Bank. However, in case
the
SMS Alert Facility without any prior notice.
12. The Customer shall be solely responsible for intimating to the Bank for any change in the phone number. In case the Customer changes
his Authorized Mobile Number and does not inform the Bank, the will continue to send SMS alerts at the Authorized Mobile Number
provided by the Customer till any contrary instructions are received.
13. The Customer acknowledges that only one mobile number can be registered only against an account.
U. E-Statement
1. The e-Statement will be sent by the bank electronically to the assigned email address provided by the Accountholder at the sole risk
and responsibility of the Accountholder.
2. The Accountholder shall advise the Bank in writing, in case of change in the email address or if he does not want the statement of
account to be sent by email.
3. The
Accountholder agrees and accepts that transmission lines are not encrypted and that email is not a secure means of transmission
and is susceptible to viruses, errors, fraud, misuse, hacking, unauthorized/illegal interception, alteration, manipulation or access by any
third party, or unauthorized usage thereof, and the Bank shall not be responsible or liable for the same.
4. The Bank shall not be responsible for any delay, incomplete, improper or non‐delivery of e-Statement for any reason whatsoever, includ-
ing but not limited to telecommunication network failure or any other reason beyond the control of the Bank.
contents of the E-Statement or email address becomes known to or accessed by any third party.
ever if
6. The Accountholder shall not disclose the password to any third party and the use and storage of account information, transactions
details and any other information contained in the e-Statement shall be the sole responsibility of the Accountholder.
7. The Accountholder shall use the E-Statement for his personal information and record and he shall not use or print and submit it for any
legal requirement or to any visa granting authorities or educational institutions within or outside the country. If needed, the Accoun-
tholder
may request the Bank to provide him computer generated hard copy of the Statement of Account.
Page 17
8. In case of Corporate account holders, it shall be the responsibility of the Accountholder to ensure that the e-Statement shall be under the
unauthorized or misuse of the eStatement or any alteration/manipulation therein.
for any
9. The Accountholder shall indemnify the Bank for any claim, loss, damage or legal action arising out of or as a result of transmission of the
e-Statement, or for any access, misuse or fraudulent use thereof by any third party.
10. The Bank may amend or alter these terms and conditions at any time which will be displayed at the Bank’s website or advised by email
11. To comply with SBP’s directives kindly provides us on priority basis, an attested copy of your CNIC and also of your joint accountholders (if
applicable) in case the same has not been provided earlier.
V. Internet Banking
1. The customer has an obligation to maintain secrecy in regard to Username & Password registered with the Bank. The bank presupposes
that login using valid Username and Password is a valid session initiated by none other than the customer.
2. The customer will not attempt or permit others to attempt accessing the ‘NBP Internet Banking Services’ through any unlawful means.
sustained by the customer due to non-compliance of this condition will be at his/her own risk and responsibility and the Bank will not be
liable for the same in any manner.
4. The customer is free to choose a password of his/her own for NBP internet Banking Services following the basic password requirements. As
a precaution, a password that is generic in nature, guessable or inferable personal date such as name, telephone member, drving license,
date of birth etc. is best avoided. Similarly, it is a good practice to commit the password to memory rather than writing it down somewhere.
5. It may not be safe to leave the computer unattended during a valid session. This might give access to your account information to others.
W. Mobile Banking
1. The Customer irrevocably authorizes the Bank to debit his/her Bank Accounts which have been prescribed by him/her at the time of
registra tion for all transactions/services undertakin using mobile banking.
Page 18
9. The transactional details will be recorded by the Bank and these records will be regarded as conclusive proof of the authenticity and
accuracy of transactions.
10. The Customer understands that the Bank may send rejection or cannot process the request messages for the service request(s) sent by the
Customer which could not be executed for any reason.
13. In the case of payment facilities like bill payment, the Customer shall be deemed to have expressly authorized the Bank to make the
payment when a request is received from him/her.
12. The Customer expressly authorizes the Bank to carry out all requests/transactions purporting to have been received from his/her mobile
phone and authenticated with his/her PIN without having to verify the authenticity of every request/transaction.
3. The Customer agrees that the Facility entitles him/her to use only a mobile phone registered in his/her name with the Mobile Service
Provider and undertakes to use the facility only through the registered mobile number which has been used to register for the facility.
5. The Customer shall be required to acquaint himself with the process for using the Facility and the Bank shall not be responsible for any
error made by the Customer while using the facility.
8. It shall be the endeavor of the Bank to carr out the instructions received from the Customers promptly. However, the Bank shall not be
responsible for delay/failure in carrying out the instructions due to any reasons whatsoever indcluding failure of operational system or due
services under the facility and also to share the information regarding his/her Accounts with the service provider/third party as may be
required to provide the services under the facility
at its sole discretion. The Customer acknowledge and agrees that the Bank may, in its sole and absolute discretion, without notice and
from time to time add to, vary, alter, suspend or remove any part of or all of the Mobile Banking, or any function or feature of Mobile
Banking, without giving any reason and without incurring any liability.
Page 19
User
signated
aid stop
14. It is the responsibility of the Customer to advise the Bank in writing of any change in his/her mobile number, mobile network, loss/theft of
Help Line or the Account maintaining Branch.
15. It is the responsibility of the Customer to ensure the correctness of the information supplied by him/her to the Bank through the use of the
Facility or any other method. In case of any discrepancy in this information, the Customer understands that the Bank will not be in any way
responsible for action taken based on the information. The Customer may, in certain cases, request the Bank to stop the transfer or transac-
tion by calling the designated helpline of the Bank. The Bank shall comply with the request only where it is operationally possible to do so
and this shall vary from case to case. The Bank shall, at its sole discretion, decide whether it is possible to stop a transaction or transfer. The
Customer shall agree to hold harmless and indemnify the Bank against any loss, costs, claims, damages, expenses, liabilities or proceedings,
error, if
stomer’s
payment instructions.
16. If the Customer notices an incorrect, erroneous or unauthorized transfer of funds using the Mobile Banking, whether on receipt of the
periodic statement or otherwise or any other omission, the Customer must immediately inform the Bank at the designated helpline or the
Account maintaining Branch.
so required.
18. The Customer can request for termination of the Facility by contacting the Bank. Notwithstanding the termination of the said facility, the
Account.
ch may
19. The Bank may, at its discretion, withdraw temporarily or terminate the Facility, either wholly or in part, at any time without giving prior
notice to the Customer. The Facility may be suspended for any maintenance or repair work or in case of any emergency or for security
reasons. The Bank shall endeavor to give a reasonable notice for withdrawal or termination of the facility but shall not be responsible if such
an action has to be taken for reasons of security or emergency.
20. The Bank may also terminate or suspend the services under the Facility without prior notice if the Customer has violated the terms and a
condition laid down by the Bank or the death of the Customer is brought to the notice of the Bank.
be revised from time to time and communicated through revised/latest SOC. Further, the Customer shall be liable for payment of
aforementioned services and/or such airtime or other charges which may be levied by the Telco or the Bank in connection with receiving
the Alerts. In the event that the Customer is required to make any payment in connection with the use of the Services, the Bank shall have
balance
available in his/her account, the Bank reserves the right to suspend the Services without any prior notice.
Page 20
phone
number /instrument or unauthorized access for any fraudulent, duplicate or erroneous instructions given by use of the same; (c) acting in
good faith on any instructions received by the Bank; (d) error, default, delay or inability of the Bank to act on all or any of the instructions;
(e) loss of any information/instructions/Alerts in transmission; (f) unauthorized access by any other person to any information /instructions
23. The Bank shall not be concerned with and will not be held liable for any dispute that may arise between the Customer and the MSP and
makes no representation or gives no warranty with respect to the quality of the service provided by the MSP or guarantee for timely
or his
delivery of the contents of each Alert.
24. The Customer accepts that all information/Instructions will be transmitted to and/or stored at various locations and be accessed by
amendments or alterations to these terms and conditions made by the Bank from time to time.
26. This terms and conditions shall be governed and construed in accordance with the laws of Pakistan whose courts shall be courts of compe-
tent jurisdiction.
27. The Customer accepts that the Bank shall not be responsible for any errors which may occur in spite of the steps taken by the Bank to
ensure the accuracy of the information and the Customer shall not have any claim against the Bank in an event of any loss/damage
28. The Customer will be responsible for all transactions made through the use of his/her mobile phone, SIM card and PIN, regardless of wheth-
by the Customer.
29. The Customer shall take all steps possible to ensure that his/her mobile phone is not shared with anyone and shall report any misuse/loss
of the mobile phone or SIM card immediately.
compromise the security of the services.
31. It will be the responsibility of the Customer to notify the Bank immediately if he/she suspects misuse of the PIN. He / she will also immedi-
ately initiate the necessary steps to change his / her PIN.
Page 21
facility, including the limits and frequency of permitted transactions, which would be publicized on the websites and at the branches. The
Bank shall not be responsible if the Customer fails to do so.
33. The Customer shall be liable for all loss if he/she has breached the Terms and Conditions contained herein or contributed or caused the
loss by negligent actions or a failure on his / her part to advise the Bank within a reasonable time about any unauthorized access to the
Account.
X. Amendments
1. The Bank may from time to time and at any time revise and/or change any of the Terms and Conditions including the charges leviable in
-
2. The Bank reserves the right at any time and after due notice to the account holder to:
i) Change the fees for the use of the services.
ii) Add, withdraw or change the type of services, or
iii) Vary the frequency and manner of use of the Services, the withdrawal limits, operating norms and
transaction types etc.
Y. Notice
personally or delivered or sent by fax or, registered mail/courier to the Account Holders last known address in accordance with the Bank’s
record. Further, it shall deemed to be duly delivered to the account holder on the actual date of delivery where personally received by the
account holder or within three days of dispatch where sent by registered mail/courier or on next day of dispatch where sent by courier
date the SWIFT or facsimile transmission was actually sent.
Z. Change of Particulars
The Account Holder shall notify the Bank immediately in the event of any change in the particulars of the Account for example mailing
writing to the Bank and acknowledged by the Bank, the Bank shall rely on the existing information of the Account Holder.
Page 22
I
Z.1. Miscellaneous
Holder to access his/her/its Account activity.
2. On the request of an account holder or at the instance of the Bank after due notice to the account holder, an account may be transferred
-
ing accumulated products of credit balances in such accounts for unaccounted period would also be transferred to the receiving branch
along with the credit balance on the date of transfer.
3. Any complaint or claim against the Bank must be lodged in Pakistan and with the concerned branch of the Bank or as per procedures
prescribed by the Banking Mohtasib and/or SBP.
4. Any special features of a newly introduced product of the Bank would not apply generally to any and all Accounts and or Facilities or
Services of the Bank and the Account Holder shall not legally or commercially bind the Bank to extend the same to the Account Holders
existing Account. The special features of a newly introduced product of the Bank shall be treated as a part of the ter
ms and conditions of
that particular product only.
5. Notwithstanding anything contained herein above, the Account Holder will irrevocably and unconditionally, at all times, comply with and
be bound and governed by all such other terms and conditions of the Bank which have been prescribed in accordance with directives of
State Bank of Pakistan under the laws of the Islamic Republic of Pakistan in respect of opening, maintaining & operations of an account with
the Bank.
6. In respect of Account Opened in the name of minors, the Bank shall be entitled to act on instructions received from the guardian named
on the Account Opening Form, till the minor's attaining the age of majority.
8. The Accountholder agrees and accepts that any change in their address/contact details/employment and business details or constitution
No responsibility shall be accepted
by the Bank for any delay, non-delivery, etc. in case of the incorrect/irrelevant address.
9. The Customer undertakes to abide by all applicable laws, rules and regulations in order to prevent money laundering.
Page 23
1. A Visually Impaired or a Blind Person (literate or illiterate) may open a regular PKR/FCY saving accounts; they are also eligible to open all other
type of certicates including Aitemaad Term Deposit Certicate either “Single ” or “Joint” with any other person. For opening of a Joint
Account, there is no restriction with regard to selection of person(s) as joint accounthol der(s) as visually impaired/blind person may select
person(s) who himself is/themselves are visually impaired/blind. A Visually Impaired or a Blind Person is also eligible to open an Asaan
Account. Minimum set of documentations as applicable to given accounts will also be applicable in case of visually impaired/blind person.
5. In case of illiterate visually impaired/blind person, the following restriction in account operations will impose;
• Physical presence for cash withdrawal preferably in the presence of a witness.
Self
• Self cheque book requisition and its collection
• Cheques cannot be drawn in favor of any third party for payment over the counter or through clearing, etc.
• Not eligibility for issuance of ATM Cash Card or Credit/Debit cards
• Not eligible for internet banking
• Physical presence for issuance of battling instrument or for online fund transfer transaction
4. The illiterate Visually Impaired/Blind Person shall be allowed to operate bank account personally in the presence of a witness. In absence of
any witness, should be advised to him/her that the bank will not be held responsible for any losses, claims, demands and cons equences
that may arise out of operation in the absence of witness, as per undertaking to be obtained. The Branch will record the presence of the
witness on the cheque/deposit-slip, as the case may be.
f such
accounts.
Visually Impaired/Blind Persons
Page 24
6. In case of a literate visually impaired/blind person, the condition of presence of witness is not required after providing duly witnessed
undertaking,
8. The visually impaired/bind account holder, If desires, is allowed to appoint a person/persons as “Mandatee or Mandate Holder”, to operate
his/her bank account. This appointment will be duly witnessed by a person known to toe- concerned visually impaired person in the
ns
Manager, for toe given purpose.
9. The visually impaired/blind accountholder is entitled to avail branchless (mobile) banking facility; after its availability for any other category
of account holders.
The facility of Internet banking will only be provided to literate visually impaired/blind account holders. Visually impaired or blind account
holders will come personally for updating of Records/Status of Account/Hold Mail or any standing instruction regarding Account Operations.
10. In the event of death of visually impaired/blind account holder operating singly, the account operations will immediately be ceased and the
entire credit balance will be paid to the legal heirs of the deceased account holder, after observance of procedure as prescribed for account holders.
In the event of death of any joint account holder, the account operations will be ceased and the entire credit balance will be paid to surviving
accountholder(s). The surviving visually impaired/blind person will be allowed to open a fresh account under the policy eit
her single or joint with any other person(s) of his/her choice.
7. On the basis of undertaking there will be no restriction as prescribed for illiterate visually impaired/Wind person. The (Literate visually
impaired/blind person is therefore allowed to;
• No restriction in respect of operations of account to self-withdrawal only
• Cheque book requisition and its collection as per usual procedure prescribed for account holders
• Use cheques as is being used by other account holders.
• Honor the cheques issued in favor of third party(ies)
• Eligibility for issuance of ATM Cash Card or Credit/Debit cards
• Eligible for Internet banking
• Allow to get banking instruments issued through transfers from toe account
• Allow to undertake transfer of fund/online transaction in the account.
Page 25
Page 26
ACCEPTANCE OF TERMS & CONDITIONS BY ACCOUNT HOLDER(S)
The Customer acknowledges by signing/impressing thumb impression on the Account Opening Form that he/she has read/or have read out to him/her
Name : __________________________________________________________________ Signature : ______________________________
Name : __________________________________________________________________ Signature : ______________________________
Name : __________________________________________________________________ Signature : ______________________________
Page 29
For further information
feel free to call 111-NBP-NBP (111-627-627)
or log on to our website at www.nbp.com.pk/islamic
or email us at aitemaad.info@nbp.com.pk
For Shariah related queries, email us at: askshariah@nbp.com.pk
